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GGR333H5 Final: ggr333 final exam answers


Department
Geography
Course Code
GGR333H5
Professor
Pierre Desrochers
Study Guide
Final

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6. What does EROEI stand for? What are the key insights of its proponents? What is Peter
Huber's take on the concept?
-EROEI stands for Energy Returned on Energy Invested
-Key insights:
1. Does not make sense to burn 2 units of energy to extract 1 unit of energy
2. Negative EROEI = energy bankruptcy
-Peter Huber's take on the concept:
1. Monetary pro f its an d E R OEL are d i fferent
2. No investors care how much energy "nature" invested in power sources
3. Economic value high grade power vs. low grad power
4. Electricity > coal (heat)
5. Oil sands > Alberta natural gas
12. According to Viv Forbes, what is the worst form of air pollution today? How does he
define it (in a few words) and what does it consist of? In a few words, what is the Tragedy of
the Commons (in its common acceptance)? How does it apply to whale hunting in the mid-
19th century?
Asian smog
Smog is not made of carbon dioxide, but rather ash, unburnt fuels, and noxious gases
Tragedy of the Commons: The economic problem when every individual tries to reap the
benefits of a shared resource. Eventually demand exceeds supply and every additional
unit that is consumed harms everyone else
● ??? Renewable =/= sustainable
16. Describe briefly old-fashioned conventional oil recovery and the usual recovery
percentages associated with each phase. According to The Economist, who are the new
unsung masters of the petroleum industry? What are the three production segments in which
they specialize? What once marginal US oil field located near the Canadian border has
recently been turned by new technologies into a one of the fastest-growing oil producing
area in the United States?
- Oil recovery:
o Natural flow: Underground pressures forces oil up sometimes gushers. 12-15% recovery
o Secondary recovery: Inject water into reservoir to provide increased pressure. Up to another
15-20% recovery
o Tertiary (enhanced) recovery: Inject steam, C02, N or chemical polymers. Up to another 10-
25% recovery
- According to The Economist:
The unsung masters of the petroleum industry
-The three production segment of the OFS firms

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o Making and selling expensive kits for use on drilling rigs or the seabed
o Owning and leasing out drill-rigs
o Finding and extracting oil
-The Bakken Shale deposit in North Dakota
18. What is the difference between "dirty" and "clean" oil carriers? What was the main
problem that initially confronted the captain of the Elizabeth Watts? Where do the names
"Panamax," "Suezmax" and "Aframax" come from? According to you professor, what were
the two main motivations behind the increased movement of crude oil by railroad in North
America in recent years? What are the three basic steps required to turn crude oil into high
octane, desulphurized gasoline (simply list the keywords)? According to your professor, what
are the main trade-offs in terms of refinery type/complexity?
- Clean oil carriers typically carry refined petroleum products such as gasoline, kerosene or jet
fuels- Dirty oil carriers typically carry heavier oils such as heavy fuel oils or crude oil
- The initial problem that the Captain of the Elizabeth Watts was confronted with was that he
could not find a crew for this ship due to the fact that oil had a reputation for being a
dangerous cargo.
- Panamax: largest tanker that can fit into panama canal, which is a lock system, primarily used
for both the transportation of crude oil and petroleum products because of small size.
- Suezmax: largest tanker that can fit through the suez canal. With displacement btw 120k and
100k dwt
- Aframax: large size makes them ideally suited to operate in areas of lower crude production,
AFRA which stands for Average Freight Rate Assessment.
- Pros of moving crude oil by train: flexible, rail is already in place, costs less money and it involves less
danger ; -more expensive, more dangerous
-Three basic steps required to turn crude oil into high octane desulphurized gas:
o Distillation Process: Crude oil is heated until boiling and vapour is produced
o Vapor enters the fractional distillation column. The tray collects the liquid that forms when
the various substances condens, allowing for easy separation
Hydro treatment: The catalytic chemical process used to remove sulphur during
the oil refining process.
Main trade-offs in terms of refinery type/complexity
>complex= >flexibility of outputs but >energy+>inputs
19. According to the US EIA, what are the 7 factors that influence oil markets and how do
they impact each other (drawing a figure is acceptable)? How did your professor characterize
spot and futures markets? What are the things not made of petrochemicals made of?
1. Supply- non-OPEC

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2. Supply- OOEC
3. Balance- of inventories (act as the balancing point btw Supply and Demand. If S>D, inventories
high. If D>S, inventories low.
4. Spot prices
5. Financial markets
6. Demand Non-OECD
7. Demand OECD
Spot Markets:
-available goods, sold for cash and immediately deliverable
-to balance: Short run supply and Demand
-few locations: (Rotterdam, Singapore, NYC, Chicago)
Futures markets
-promise to deliver quantity and standardized commodity at specified place, price, time in the future.
2 types of futures traders:
Commercial traders
-oil companies and refineries
-guarantee future price for physical stuff
Non-commercial traders
-invest to profit from price fluctuation
-no physical delivery of oil
Ethanol is what makes a large portion of things not made by petrochemicals.
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